Large Mexican and Colombian fortunes or economic migrants from Honduras, Bolivia and Ecuador, Cuban and Venezuelan political dissidents or former members of Central American governments, not to mention Latin singers or writers… If Madrid has always nurtured ties close ties with Latin America, it is more fashionable than ever, especially among the wealthiest Latin Americans. In 2022, according to the National Institute of Statistics, more than 3 million people born in Latin America lived in Spain, including more than 820,000 in Madrid and its region – almost 50% more than in 2015. And that, not to mention the young people of the second generation, whose parents arrived to take part in the construction boom of the early 2000s.
Determined to promote its historical, cultural and economic ties with Latin America, the Spanish government has logically made rapprochement with this continent one of the priorities of the rotating presidency of the Council of the European Union, which it has held since 1er July. In addition to the strategic interest for Europe of a closer relationship, Spain would gain a new dimension in the geopolitical field and would assert itself as a global player, playing the role of gateway and pivot towards its former colonies.
“Spain is becoming what Miami was before. The language is the same, the integration works and both wealthy Latin Americans and workers find one thing that is of great value in Latin America: security”, underlines Erika Gonzalez, professor in international relations at the Complutense University of Madrid. She sees in this enthusiasm the consequences of the “departure of large Latin American fortunes from the United States during the presidency of Donald Trump” and a “breathing out of the American integration model”. The political instability and the coming to power of many left-wing governments in Latin America, called “marea rosa” (“pink tide”), could also have aroused the concern of the wealthy. In 2021, Latin America recorded capital outflows of 140 billion dollars (124 billion euros). Ditto in 2022. And, in Madrid, several Mexican law firms specializing in international arbitration have opened offices, providing for a “growing litigation and regulatory issues for foreign investors”because of “uncertainty and political situation in Latin America”recently pointed out the Spanish Arbitration Club (CEA).
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